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HSBC Finance Net Falls on Costs
From Katrina, Bankruptcy Law

By

David Enrich Dow Jones Newswires

Updated Nov. 15, 2005 12:01 a.m. ET

Battered by Hurricane Katrina and a change in U.S. bankruptcy laws, HSBC Finance Corp.'s third-quarter net income fell 14%.

HSBC Finance, the North American consumer-finance unit of British banking giant HSBC Holdings PLC, said Katrina cost the company $206 million before taxes during the quarter, as HSBC Finance wrote off bad loans and beefed up its reserves for future losses. The company also estimated that it missed out on $11...